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Canada Minister: Expect to decide on Cnooc and Nexen deal by mid-October

BY SAURABH CHATURVEDI

NEW DELHI -- Ottowa may take a decision by the middle of this month on whether to approve a proposal by Cnooc to buy Nexen for $15.1 billion, a Canadian Minister said. The current schedule for a decision is mid-October, unless it is extended, Canada' s Minister of Natural Resources Joe Oliver told reporters in New Delhi.

According to Canada' s foreign investment laws, government approval depends on whether the deal will provide a net benefit to the country' s economy. The federal government has the power to block the deal if it believes it isn' t in the country' s economic interests.

Nexen has oil and gas assets in western Canada, the North Sea, the Gulf of Mexico and offshore Nigeria. Cnooc is China' s largest offshore oil company by production.

Mr. Oliver is in New Delhi to meet Indian company executives to invite investments into Canada' s resources sector.

Dow Jones Newswires

10/08/2012

 

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